Busbar Global Market Report 2024

The busbar market has grown strongly in recent years. It will grow from $16.93 billion in 2023 to $17.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. Historical growth can be credited to several factors including industrialization and infrastructure expansion, heightened energy consumption, growing integration of renewable energy sources, substantial demand from pivotal end-use sectors, and the influence of government regulations.

The busbar market is expected to see strong growth in the next few years. It will grow to $22.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. Anticipated growth in the forecast period is expected due to several key factors, notably the shift towards smart grid technologies, sustained expansion in industrial sectors, a concerted emphasis on energy efficiency measures, the burgeoning construction of data centers, and the integration of energy storage solutions.

The busbar market anticipates growth due to increased concerns about energy loss in electric transmission systems. Energy loss in power transmission involves wastage during production, distribution, and unexplained usage. The high resistance in electrical conductors contributes significantly to these losses. Busbars, with their low resistance, efficiently carry large electricity volumes, reducing energy waste compared to conventional wires. In 2020, the US saw transmission and distribution losses of 5%, totaling 207 million MWh, valued at $6.21 billion at an average wholesale power price of $30/MWh. This concern for energy efficiency propels the busbar market's expansion.

The surge in electric vehicle (EV) adoption is a driving force behind the busbar market's growth. Electric vehicles rely on busbars as critical conduits to effectively distribute power from batteries to various components such as motors and charging systems. They enable streamlined, high-capacity electrical connections, optimizing power transmission within the vehicle's system for reliable performance. In 2021, global electric vehicle sales doubled compared to 2020, reaching around 6.6 million units. The first quarter of 2022 saw a further increase, with 2 million electric cars sold worldwide. This trend in EV adoption directly fuels the busbar market's expansion.

Key players in the busbar market are innovating by developing advanced products such as modular busbar systems. These systems comprise standardized modules that allow easy assembly into flexible power distribution networks. For instance, in September 2022, Vertiv introduced the Vertiv Powerbar iMPB, designed for data centers and dynamic environments. This modular system, with capacities from 160 amps to 1,000 amps, facilitates seamless power upgrades without requiring additional floor space. It caters to modern data centers' evolving power needs with a compact and adaptable solution.

Leading companies in the busbar market focus on creating cutting-edge products, such as busbar couplers, to maintain a competitive edge. Busbar couplers are components connecting two electrical conductors or busbars. For example, in February 2022, Interplex Industries Inc. launched the BusMate Power Busbar Coupler, streamlining assembly for high-density power applications. This compact, pluggable interface allows efficient integration into power devices, offering versatility for various designs and configurations. With features such as Floating Contact Technology and temperature resistance up to 150°C, this product meets evolving requirements in power-dense applications across industries such as Electric Vehicles, e-Mobility, and Energy sectors.

In December 2022, Aptiv PLC, an automotive company based in Ireland, successfully acquired an 85% stake in Intercable Automotive Solutions for $616 million (€595 million). This strategic move significantly bolstered Aptiv's expertise in high voltage power distribution and interconnect technology, elevating its standing as a global frontrunner in vehicle architecture systems. Intercable Automotive Solutions is an Italy-based interconnect solutions company that designs and manufactures solutions for vehicle electrification.

Major companies operating in the busbar market report are Siemens AG, ABB Ltd., Schneider Electric SE, Eaton Corporation plc, TE Connectivity Ltd., Legrand S.A., Mersen S.A., CHINT Group Co. Ltd., C&S Electric Limited, Rogers Corporation, Friedhelm Loh Group, Cubic Module System A/S, Hager Vertriebsgesellschaft mbH & Co. KG, Starline Holdings LLC, Sedotec GmbH & Co. KG, Methode Electronics Ltd., General Electric Company, Rittal GMBH & Co. KG, Power Products LLC, Promet AG, Godrej & Boyce Manufacturing Company Limited, Bhagyanagar India Limited, Oriental Copper Co. Ltd., Littelfuse Inc., Southwire Company LLC, Pentair plc, Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S., Keiper Electric GmbH, Mitsubishi Electric India Private Limited, nVent Electric plc, Alcan Cable, ERICO International Corporation.

North America was the largest region in the busbar market in 2023 and is expected to be the fastest-growing region in the global busbar market report forecast period. The regions covered in the busbar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the busbar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary materials employed in busbar manufacturing are aluminum, copper, and brass. Aluminum, a thin, silvery-white metal known for its ductility, lightness, and resistance to corrosion, is widely utilized in busbar construction. Its favorable electrical and mechanical attributes, including lower resistivity and lightweight nature, make it a preferred choice. Power ratings vary from low to medium and high, finding applications across utility, industrial, residential, and commercial sectors.

The busbar market research report provides busbar market statistics, including busbar industry global market size, regional shares, competitors with a busbar market share, detailed busbar market segments, market trends and opportunities, and any further data you may need to thrive in the busbar industry. This busbar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The busbar market consists of sales of single busbar, main and auxiliary busbar, double busbar, double main and auxiliary busbar, enclosed busbar, open busbar, isolated phase busbar and gas-pressurized insulated busbar. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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